In acquiring the Turkish Egeli Egesan Group the Tyrolit Group continues to implement its business expansion strategy and has further strengthened its position on the international abrasives market.
CEO Thomas Friess comments: “The successful direction of our business activities and our solid economic base were crucial factors for this important acquisition, both from a strategic as well as operational point of view. It strengthens our competitiveness and provides access to the growing markets in the Middle East. Being a global leader in abrasives technology we will offer our customers in the Middle East an entire range of products from a single source and our expertise to optimize manufacturing processes and reduce production costs.”
Tyrolit acquired more than 75% of the Egeli Egesan Group and looks forward to working with the existing management board.
Investment in the future
The Turkish company is operating in the field of cut-off and rough grinding wheels, grinding tools for several applications as well as sanding belts. Based in Istanbul and with approximately 200 employees the company is well established in the European and Turkish market. Ilhan Egeli founded the company about 50 years ago, giving his name to it and through the years the company performed very well and now enjoys an excellent reputation.
Since the abrasives market is highly competitive, this acquisition is an important investment in the future, especially during times of crisis.
“We are glad that we could acquire the majority of a strategically important abrasives manufacturer. The location has an excellent infrastructure and gives Tyrolit market access to additional geographic regions. I am convinced that combined with Tyrolit’s technology, know-how and innovative strength, we will soon create a win-win situation for our customers in the Middle East. We aim at optimizing the customer benefit following our international orientation,” explains Friess.